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Finance Act 1995

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This is the original version (as it was originally enacted).

37(1)Schedule 8 to that Act of 1992 (which includes provision excluding from the charge to capital gains tax premiums taxed under Schedule A), except so far as it applies in accordance with section 8 of that Act for the purposes of corporation tax, shall have effect as follows.

(2)In paragraph 5—

(a)in sub-paragraphs (1) and (2), for the words “income tax has become chargeable under section 34 of the Taxes Act on any amount” there shall, in each case, be deemed to be substituted “any amount is brought into account by virtue of section 34 of the Taxes Act as a receipt of a Schedule A business (within the meaning of that Act)”; and

(b)in sub-paragraph (3), for “income tax has become chargeable under section 36 of the Taxes Act (sale of land with right of re-conveyance) on any amount” there shall be deemed to be substituted “any amount is brought into account by virtue of section 36 of the Taxes Act (sale of land with right of re-conveyance) as a receipt of a Schedule A business (within the meaning of that Act)”.

(3)In paragraph 6(2), for the words from “on which tax is paid” onwards there shall be deemed to be substituted “brought into account by virtue of section 35 of the Taxes Act (charge on assignment of a lease granted at an undervalue) as a receipt of a Schedule A business (within the meaning of that Act)”.

(4)In paragraph 7, for the words from “income tax” to “so chargeable” there shall be deemed to be substituted “any amount is brought into account by virtue of section 34(2) and (3) of the Taxes Act as a receipt of a Schedule A business (within the meaning of that Act) which is or is treated as carried on by any person, that person”.

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